The International Finance Corporation (IFC) and Norfund have announced a financing commitment of up to $83.2 million to advance solar hybrid mini-grids and distributed energy projects across Nigeria.
Of this, roughly $35 million will be extended as concessional debt to improve project viability. The programme is set to back five renewable energy service companies, namely, Darway Coast Nigeria Limited, GVE Projects Limited, Prado Power Limited, PriVida Power Limited, and StarTimes Energy, enabling the rollout of 315 mini-grid installations in underserved areas.